October 1, 2023

There are many individuals and processes concerned in relation to shifting dwelling and a myriad of related phrases to become familiar with.

For a lot of first time movers, these phrases might be complicated, so we’ve put collectively a jargon busting information to decode them which was featured in our first OnTheMove podcast episode.


A vendor is one other identify for a vendor or a celebration promoting a property.

Valuation vs market appraisal

A market appraisal is what an property agent will present for you when taking a look at your property that you just need to promote. This will likely typically be known as a valuation however shouldn’t be confused with a RICS Certified Valuation or the official valuation of a property offered by the financial institution.

The official valuation of a property’s worth offered from the financial institution relies on comparable proof and doesn’t take issues into consideration like whether or not the property is brilliant and effectively embellished or finish of terrace for instance.

Association charges

When fascinated about organising your mortgage, association charges are what the lender will cost to interact you in a mortgage product. These are additionally typically referred to as product charges they usually can both be paid upfront or added to the mortgage, nevertheless in the event that they’re added to the mortgage, you’ll must pay curiosity on them.

Mortgage Settlement In Precept (Mortgage AIP)

A mortgage Settlement In Precept (AIP) is offered by mortgage lenders to present you an concept of what they’d be ready to lend you. A mortgage AIP subsequently offers you an summary of the quantity of mortgage you’d have the ability to borrow and relies on checks performed by the lender and primary data corresponding to your credit score rating and your earnings.

Stamp Responsibility (Stamp Responsibility Land Tax)

Stamp Responsibility is tax payable within the UK on the acquisition of property or land. When shopping for a property, you get a sure proportion of your buy value Stamp Responsibility free and for those who’re a primary time purchaser, it is a bigger portion as much as £425,000 in the mean time. Stamp Responsibility is payable inside 30 days of completion and your conveyancer is liable for paying it to the Land Registry.

Land Registry charges

Charges which might be due when you undergo to completion to register the property as new possession in your identify.

Vitality Efficiency Certificates (EPC)

An Vitality Efficiency Certificates, generally often known as an EPC, reveals the vitality effectivity of a property. EPC rankings vary from A (one of the best ranking) to G (the worst ranking) and each property that’s rented, offered or purchased should have an EPC ranking within the UK.

Freehold vs leasehold

When wanting on the tenure of a property, freehold means you personal the property and the land that it sits upon, whereas with a leasehold, you personal the property however not the land for a set period of time and flats are typically leasehold.

Bought Topic to Contract (SSTC)

When a property is Bought Topic to Contract or listed as SSTC, this implies a suggestion on the property has been accepted however the events are nonetheless within the strategy of negotiation. Throughout the SSTC interval, the sale just isn’t but legally binding because the conveyancing and authorized course of has not but been accomplished so there’s an opportunity the sale should fall by way of throughout this time and different affords can nonetheless be made on the property.

A full information to what SSTC means for patrons and sellers might be discovered right here.

Structural Survey vs Dwelling Purchaser Survey

A Structural Survey is essentially the most thorough survey performed for a property and covers all attainable particulars of the structural components of the constructing, and subsequently appears to be like at every little thing from the exterior elements of the constructing to the inner elements of the constructing and the roof.

A Dwelling Purchaser Survey isn’t as in depth and gained’t cowl the construction of the constructing.

Structural Surveys are normally performed when buying a freehold and a Dwelling Purchaser Survey is normally performed when shopping for a flat.


The conveyancing course of begins when a purchaser and vendor agree in precept a sure value for the sale of a property and each events have instructed a solicitor to hold out the method. Throughout the conveyancing course of, the vendor and their solicitor will probably be liable for offering draft contract papers, Title Deeds, protocol kinds, sellers questionnaires, what’s staying within the property in addition to additional particulars. The customer’s solicitor will probably be liable for elevating inquiries to verify what the client is buying is what they assume they’re shopping for, and there aren’t any hidden issues inside that.

The conveyancing course of will trip from one solicitor to the opposite to make sure each events are joyful earlier than continuing to an change of contracts.

For tips about selecting essentially the most cost-effective conveyancer for you, click on right here.


Gazumping is when a purchase order value has been agreed however one other celebration affords a better value to attempt to safe the property for themselves by gazumping the initially agreed provide.

Property brokers usually get the blame when gazumping happens nevertheless brokers are sure by the Property Company Act which states they have to legally put any provide ahead to their consumer up till the purpose of completion which suggests there isn’t something they’ll do to cease any individual making a suggestion.

Completion assertion

That is the assertion issued by the conveyancer that particulars the enter and output of all of the monetary particulars of a property buy or sale and is often given out between change of contracts and completion.

Alternate of contracts

Alternate of contracts happens when the conveyancing course of has come to a conclusion and the deal strikes from Bought Topic to Contract to being legally binding. On change of contracts, a completion date is about and at that time the deal turns into legally binding and neither celebration can again out with no consequence.

For an entire Shifting 101 and to listen to extra about these phrases and the house shopping for course of, you may take heed to the total first episode of OnTheMove right here.

Content material offered by OnTheMarket.com is for data functions solely. Unbiased {and professional} recommendation needs to be taken earlier than shopping for, promoting, letting or renting property, or shopping for monetary merchandise.